Crowdsourcing Experiment: Barclaycard Ring Mastercard

By William Tran. Last updated 18 July 2018. 0 comments

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More and more companies are starting to realize the power of social media when it comes to creating products and services that would appeal to a wide number of consumers. While crowdsourcing efforts are growing ever increasingly in popularity, could a credit card company possibly find success by letting users shape the terms and conditions of its credit cards? Well, Barclays is trying to do just that with the Barclaycard Ring® Mastercard®, as it aims to bring cardmembers and banks closer together in order to create the perfect credit card for consumers, by consumers.

Why We Like This Card

  • Low variable APR
  • Community input on credit card issues and new terms

How This Card Works

What makes the Barclaycard Ring different from other credit cards is that it allows user feedback to shape the terms and conditions of the credit card which encourages users to have an investment in the performance of the card. While it doesn't come with a direct rewards program, it does have a special Giveback™ feature that allows cardmembers to potentially receive a small percentage of the company profits, although the exact amount you will receive will vary. You have the option of either donating that money to charity or keeping it on your account as bonus credit. 

Other Benefits

Online community portal. Barclaycard Ring cardmembers can discuss issues with the credit card and vote on new ideas to implement in an official online community portal, where Barclays provides "real time" responses to all user suggestions. They can even give feedback on marketing ideas for the credit card as well as possible website enhancements. Cardholders can also use this online portal to monitor the company's profit and loss margins.

Free FICO score. Active cardholders may also opt-in to receive complimentary FICO credit scores from their Barclay online account. (See also: Best Credit Cards with Free Credit Scores)

Costs

  • $0 Annual Fee
  • 0% intro APR for 12 months on balance transfers made within 45 days of account opening. After that, a variable 13.74% APR will apply.
  • 13.74% variable APR on purchases 
  • 3% ($5 minimum) Balance Transfer Fee for transfers posted within 45 days of account opening. $0 Balance Transfer Fee for transfers that post to the account after 45 days of account opening.
  • 0% Foreign Transaction Fee

See Terms.

Pros

Community input. Barclays should be commended for being the first credit card company to allow users to have a direct input in how the credit card is shaped, and the transparency they offer their cardmembers is something rarely seen but greatly appreciated.

Giveback™ rewards. The Giveback™ program is a nice little feature that gives you a chance to earn a little money without having to do anything.

Very low fees. If nothing else, this is an easy-to-use credit card that users can rely on thanks to its incredibly low fees. There is no annual fee. And, there are no foreign transaction fees, which can save you as much as 3% if you frequently travel abroad.

Cons

Unclear award amount. Despite their commitment to transparency, the exact amount cardmembers receive from the Giveback™ program isn't made very clear. Your award amount won't be based on the actual company's profits. (See also: Best Credit Cards for Earning Cash Back)

Who This Card Is Best For

The Barclaycard Ring is a great for people who want a straightforward credit card for a balance transfer and attractive APR. This card should also appeal to consumers who enjoy giving feedback and having their feedback count for something.

Click here to learn more and apply for the Barclaycard Ring® Mastercard® today!


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